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Europe is the next big market for crypto adoption, says Johnny Lyu, the CEO of KuCoin.

As recent research points out, the EU is lagging behind other nations when it comes to crypto adoption; only around 17% of Europeans have taken to cryptocurrencies. Combined with high average incomes, reduced faith in centralized banking systems, world-leading rates for higher education and many crypto-currencies being cheaper than ever, it seems to be a no-brainer that the EU is next on the list for mass crypto adoption. 

Of course, there are some constraints here. Most importantly, we’re all patiently waiting for MiCA, a fundamental piece of legislation that has the potential to collectively regulate all EU states under a single umbrella. Indeed, major questions still remain regarding the treatment of NFTs, Bitcoin’s energy impact and the private use of unhosted wallets. But, one thing is for certain; the crypto landscape is changing in Europe, and it’s changing now. 

It could be argued that individuals are waiting until the regulatory landscape is clearer surrounding crypto in Europe before investing. With components such as automated KYC and requisite licenses coming into play, educated Europeans are due to see the crypto industry in a different light, and may begin opening investment portfolios as a result. This is corroborated when we analyze high crypto search volumes in Europe. Indeed, the evidence of pent-up demand here shouldn’t be ignored, and as a result, we’re waiting in earnest for the MiCA and its component regulatory side-dishes. 

Coinbase is very much on our bench here and has just announced that they’re deciding to set up shop in Spain, France, Italy and the Netherlands. The latter of which has been shown to have an especially exceptional level of crypto adoption. The reasons here are rather intriguing, and studies often place the Netherlands in the top 5 countries set for an influx of crypto adoption due to an overwhelming crypto search volume and super-fast average internet speeds. It’s important that we view countries such as the Netherlands as buckets of opportunities, just waiting for the right platform to come knocking. 

Noting the aforementioned in combination with a vast amount of market analysis, at KuCoin, we’ve decided to roll out EUR trading pairs with BTC, ETH and USDT. This is, indeed, a significant step in our expansion into the European market, which is right now, our top priority. Our platform’s users are already able to make such transactions instantly. The fact that we’ve been able to implement two fiat currencies with spot trading pairs within such a short amount of time is a testament to our implementation efficiency: a key component of our strategy moving forward. 

It’s not just about moving into Europe. One must bear in mind that we’re already there! It’s as much about consolidating our presence as it is expanding it. We’re certain that these new trading pairs will bring a degree of convenience to our users who live within EMU member states, those who live within the SEPA, and also those that simply have EUR preferences. Moreover, the addition of EUR fiat trading pairs will have a positive effect on liquidity, reducing slippage, and providing security for crypto users not just in Europe, but across the world. 

We’re quite excited about what’s to come. We’re going to be conducting extensive market analysis moving forward to understand the community’s reaction to our new trading pairs in detail. We’ve got KuCard in the pipeline, in addition to a number of fiat off/on-ramps. We’re also looking forward to providing our users with financial services through the bear market that we currently find ourselves in. Not to mention, we’ll be cooperating with local companies and projects to locate and fund gem tokens on their way to the moon! 

As a final thought, we ought to remember that every bear market serves as an incubator for the true powerhouses of the next bull run. This is reflected in nature, with vernalization in winter being a fundamental component in the life cycles of the most beautiful flowers. With regards to the EU, we can expect flowers more daring and dazzling than ever before.

Johnny Lyu is the CEO of KuCoin, one of the largest cryptocurrency exchanges launched in 2017. Before joining KuCoin, he had accumulated abundant experience in the e-commerce, auto and luxury industries.

The post <strong>Europe and Crypto Adoption: What Lies on the Horizon? </strong> appeared first on BeInCrypto.

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